Hey there! Have you ever felt worried about what’s going to happen in the future? 🤔 Well, that’s how lots of people in the United States are feeling right now!
According to a new survey by the University of Michigan, people’s confidence in the economy has dropped for the third month in a row! 😱 This means that many families are concerned about money, jobs, and prices going up.
In March, the survey showed a reading of 57.9, which is a big drop of over 27% compared to last year. 📉 This drop was seen among all kinds of people, no matter their age, where they live, or how much money they have.
So why are people feeling this way? One big reason is the confusion and changes around tariffs. Tariffs are taxes on goods that come from other countries. When tariffs go up and down a lot, it makes it hard for businesses and people to plan for the future. 🏭💼
Also, prices are expected to keep rising. Inflation (that’s when prices go up over time) is making things more expensive. People expect prices to be almost 5% higher next year! 🛒💰 That’s the highest it’s been since November 2022.
Long-term, people think prices will keep going up too, with expectations for inflation at almost 4%, the biggest jump since 1993! 📆
All these worries make people less confident about spending money, which can affect the whole economy. Let’s hope things get better soon! 🌟
What do you think about this? Have you noticed prices going up in your area? Share your thoughts! 💬
Reference(s):
U.S. consumer sentiment slumps for third month amid tariff chaos
cgtn.com
